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Fixed Income

What should investors know about the potential impact of taxes, short-term interest rate changes and, the corporate credit cycle on fixed income markets? Our analysts also discuss additional topics that include customized liquidity management solutions and advantages of active management.  
Aerial view of a large corn maze.

The Yield Curve's Streak of Forecasting Recessions Might Be Over

An inverted yield curve, in which yields on longer-dated bonds are below those for shorter-dated instruments, has correctly predicted the last nine U.S. recessions in the post-World War II era. However, this winning streak could be coming to an end, as the U.S. economy has displayed surprising resilience to the Federal Reserve’s tightening during the past two years.
Fixed Income, Markets, Economics
solar panels with sun in backgroun and grass in foreground

Finding Opportunity in Securitized Products

Securitized markets have matured notably in the last 10 to 15 years and may offer attractive yields and diversification. This paper outlines the evolution of Securitized Products and how investors may benefit from allocating to the growing asset class.
Fixed Income
road winding into the mountains

Quick Take: Q1 2024 Mid-Quarter Fixed Income Update

Given the fluctuations in fixed income markets this year, Fort Washington anticipates that security selection will play a major role in generating alpha, as credit spreads are expected to remain range-bound and tight across most sectors. This article delves into the firm’s perspective and describes its strategy for positioning its fixed income portfolios.
Fixed Income
Stones in calm water with evening sun with horizon. Tranquil scenery.

Managing Risk the Fort Washington Way

comprehensive risk management framework is at the heart of our investment philosophy. This article explores the principles and the values that drive Fort Washington’s belief that the measurement of risk and return, not forecasting, should drive investment decisions.
Fixed Income
rough sea at sunrise and clouds breaking

An Innovative Approach to Measuring Spread Risk

Index-Equivalent Spread Duration adjusts for two effects not addressed by spread duration—the tendency of riskier bonds to experience larger spread moves and the tendency of short maturity bonds to demonstrate more spread volatility than long maturity bonds. This piece explores how Fort Washington captures these effects by applying a spread and maturity beta to a bond’s spread duration.
Fixed Income
Predict the economic future concept with crystal ball and stock charts projected.

The 2024 Financial Landscape Is All About the Fed

In anticipation of the upcoming year, investors are eminently focused on a pivotal question: Are the Federal Reserve's interest rate hikes concluded, and is a rate reduction on the horizon for the next year? While interest rate expectations always matter, the gyrations of financial markets – stocks, bonds, and the dollar — have been dominated the past two years by expectations about what the Federal Reserve will do.
Policy, Economics, Fixed Income, Markets
ice climber an example of finding opportunity

Non-Traditional Fixed Income Opportunities

This article explains common multi-asset fixed income approaches, including Core, Core Plus, Multi-Sector, and Unconstrained fixed income strategies. A non-traditional fixed income allocation can complement Core and Core Plus strategies, act as a standalone fixed income solution for those wanting to add more portfolio risk, or serve as a substitute to equity strategies.
Fixed Income
diver an example of finding opportunity

Introduction to Strategic Income

This article discusses Fort Washington's Strategic Income Strategy, which is designed to provide investors with a high level of current income and total return with a focus on capital protection with differentiated returns compared to traditional fixed income.
Fixed Income
car lot

Subprime Auto Asset-Backed Securities

This paper outlines how the subprime auto financing and securitization industry has been tested and refined through multiple economic cycles. Investors today have a wealth of historical data useful for analyzing the universe of subprime auto asset-backed securities (ABS).
Fixed Income
People in front of stock market screens

What Is Securitized Fixed Income?

Securitized products may offer an attractive long term risk/return profile and offer alternative potential sources of both income and return. Fort Washington’s Securitized Fixed Income team focuses on thoughtfully selecting securities priced below their intrinsic value. Our highly experienced managers seek relative value opportunities in a difficult to navigate space.
Fixed Income
Podcast 01

Episode 01, Credit Fundamentals

In our inaugural podcast, we look back at the extraordinary volatility in credit spreads, examine what the impact has been on Investment Grade credit markets, and what we think lies ahead in these markets. 
Fixed Income
puzzle pieces

Solving the Yield Puzzle

With interest rates historically low and traditional cash investments earning close to 0%, the value of optimizing short-term monies has never been more important. By fostering strong communication, thoroughly understanding clients’ cash needs, and how these needs change on a real-time basis, Fort Washington's Liquidity Management Team can provide a scope of service beyond what is typically expected of investment managers.

Fixed Income
U.S. dollar close up

Cash Levels are Rising, and Rates are Falling—Are You Optimizing Your Liquidity?

Understanding cash segmentation can help organizations properly balance risk, return, and liquidity. Partnering with the team at Fort Washington can help organizations manage excess cash and benefit from proper liquidity management. Active cash management requires effective and regular communication with clients, a key tenet of Fort Washington’s Liquidity Management Strategy.

Fixed Income
team collaboration

Fixed Income Team Credits Creativity & Collaboration as Driving Factors of Competitive Results

Five investment professionals from Fort Washington's Fixed Income team discuss how collaboration and culture facilitate competitive results.
Fixed Income
windsurfer in ocean

Multi-Asset Portfolio Management: Combining Prudent Investing With Timely Execution

Fort Washington's Multi-Asset approach overcomes shortcomings associated with traditional balanced stock/bond portfolios while adding value through active management. Improper measurement of risk and an inability to actively allocate risk can yield disappointing results, and the COVID-19 crisis is the latest example of this. Fort Washington employs two proprietary tools designed to overcome this.

Fixed Income, Equities
city views

Municipal Market Update (Part 2)

Senior Portfolio Manager John Goetz discusses the recent volatility in the municipal market and the potential implications for investors. 
Fixed Income
new construction

Municipal Market Update

Sudden changes in the municipal market over the past week occurred because of the extreme volatility in the markets since the outbreak of the coronavirus. A senior portfolio manager breaks down the one-week change in municipal yields and provides an update on the market.
Fixed Income
slackline as an example of a tipping point

Markets Signal a Possible Tipping Point

Plunging bond yields and heightened stock market volatility have caused investors to worry. Our view is a further slowing of the economy is likely, but we do not yet see signs of recession.
Markets, Fixed Income, Equities
butterfly as an example of unloved to beloved

From Unloved to Beloved: A Mid-Year Look at Corporate Bonds

Investment grade corporates were the worst performing major asset class in May of 2018, but now they have generated strong absolute returns of more than 10% and also outperformed both equities and other fixed income sectors on a relative basis.
Fixed Income
treasury building an example of us bonds

U.S. Bond Yields Plummet

Ten-year yields currently are around 2.1%, their lowest level since mid-2017, and about 115 basis points below the high of 3.25% reached last November.
Fixed Income, Economics
municipal bonds funding new construction project

Are Muni Bonds Still a Good Value in 2019?

Thus far in 2019, the municipal market has been one of the better performing sectors within the broader bond market, outperforming Treasuries and IG corporate bonds on a total return basis. 
Fixed Income
Hot air balloon over valley

Emerging Markets: Looking for Opportunity Beyond the Headlines

Over the past year, the Fed has raised short-term rates from 1% to 2% which has had a negative effect on the entire fixed income spectrum. This has been especially true within EM.
Fixed Income
desert cactus with flowers

Finding Value in 2018’s Most Unloved Sector

Within investment grade corporates, intermediate corporates — defined as 5-10 year maturities — may offer the most attractive risk-adjusted return potential.
Fixed Income
Racing bikes - why active fixed income wins over time

Why Active Fixed Income Wins Over Time

Active fixed income managers have an abundance of tools they can use to outperform their respective benchmarks, and the majority do.
Fixed Income
A pile of baseballs - a look at the credit cycle

A Look at the Credit Cycle

Consistently predicting credit cycle turns and other macro-economic data is a challenging exercise.
Fixed Income
The follies of forecastering - the storm

The Follies of Forecasting

Given the number of variables in the global economy, there is enormous uncertainty and biases in these forecasts and recognize them as not much more than glorified guesses.
Fixed Income
Customized liquidity management solutions

Customized Liquidity Management Solutions

As cash investors approached the one year anniversary of money market reform, we at Fort Washington ask, "Did you evaluate your cash management strategy?" 
Fixed Income
Impact of Harvey and Irma

Waves of Impact From Harvey & Irma

As communities begin the arduous task of assessing losses and rebuilding, we can begin to sift through the numbers to get a sense of the damage and potential impact on select financial markets.
Fixed Income